The purpose of this research is to estimate the energy potential of the Barents Sea based on numerical modeling of the wave energy over a long period of time from 1979 to 2010. Using the WaveWatchIII wave model, the wave energy flux in the open part and in the coastal zone of the Barents Sea has been calculated. The calculations are based on the data of the NCEP/CFSR reanalysis with spatial resolution of 0.3°. The calculations were performed on a unstructured grid, which has high spatial resolution at the shore (200–500 m). The long-term average annual significant wave height1 varies from 1.5–2.0 m for the open part of the Barents Sea to 1.0–1.5 m in the coastal zone of Murmansk oblast. The long-term average annual wave energy flux varies from 15–20 kW/m for the open part of the Barents Sea to 5–10 kW/m in the coastal zone of Murmansk region. The probability of exceedance of wave energy of more than 1 kW/m is 80–90% for the open part of the sea and 70–75% at the northeastern coast of the Rybachy Peninsula. To the east and west of the peninsula, this figure decreases significantly. Near the village of Teriberka, the probability of exceedance of the wave energy is 65–70%. The probability of exceedance of energy of more than 5 kW/m is 50–60% in the open sea and it does not exceed 35% in the coastal zone. The average probability of exceedance of the wave energy is subject to seasonal fluctuations. Thus, in the coastal zone, the probability of exceedance of energy of 1 kW/m is approximately 90% in the winter months and it does not exceed 50% in summer. The obtained results can be applied to designing a wave power station in the Barents Sea.